Edgen Corporation, Baton Rouge, LA, a leading global distributor of specialty steel pipe, pipe components and high grade structural steel sections, plates and tubulars for use in niche applications in the energy infrastructure market, reported sales for the second quarter ended June 30, 2006, were $98.2 million, compared with $74.4 million for the same period last year.
Sales order backlog increased from $86.9 million at March 31, 2006, to $97.1 million at June 30, 2006.
The increase in consolidated sales for the second quarter compared to the prior-year quarter also reflects sales activity from the acquisitions of Western Flow Products, Inc. and Murray International Metals, Inc. in the second half of 2005, sales price increases for alloy and carbon steel products, and steady demand for oil, natural gas and refined products driven by capital expenditures and maintenance projects for the products that we supply.
Mr. Daniel J. O’Leary, CEO and president stated, “We benefited from our continued focus on the sales of niche products to the energy infrastructure market during the second quarter 2006. Our expansion into the Canadian market in 2005 is providing us with opportunities in the oil sands region of Alberta, and our efforts in the alternative energy markets have resulted in steady sales growth. Our sales backlog growth during the second quarter 2006 reflects continued new project and expansion spending by customers in the energy infrastructure market.”
Net income for the second quarter 2006 was $2.6 million compared to $3.2 million for the second quarter 2005.